RENNINGEN, Germany, May 4 (Reuters) - Germany’s Robert Bosch expects its revenues to grow by 3 to 5 percent this year following a 12 percent jump in the first quarter, the unlisted technology and auto supplier group said on Thursday.
“All business divisions and regions recorded growth in the first three months of 2017, some of them significantly,” the company said.
Profits for the year are expected to rise even as levels of investment into new automotive technologies for self-driving cars, connected vehicles and electric and hybrid drivetrains remain high, Bosch said.
As part of a shift in priorities away from combustion engine technologies toward zero-emission vehicles, Bosch sold its starters and generators business this week, to a consortium headed by China’s Zhengzhou Coal Mining Machinery Group for 545 million euros.
Last year, higher investments in new technologies led to a 6.5 percent decline in Bosch’s underlying operating profit to 4.3 billion euros, despite revenue growth of 5.5 percent to 73 billion euros. (Reporting by Ilona Wissenbach; Writing by Edward Taylor; Editing by Maria Sheahan)